Displaying items by tag: Irish Tonnage Tax

22nd February 2015

Ports Shipping Review: Tonnage Tax Talk, D’Amico’s Largest, 'Box' Rise 9% & More

#Ports&ShippingReview - Over the last fortnight, Jehan Ashmore has reported on the shipping scene.

Rebecca Wardell, Business Development Manager of the Irish Maritime Development Office (IMDO) addressed the Irish Maritime Law Association's Spring Lecture in a talk titled, 'Understanding the Irish tonnage tax regime'.

Italian international shipowner, D'Amico Group with offices in Dublin, announced delivery of their largest ship to date, the 'Handy-Cape' type vessel Cielo d'Italia.

Drogheda Port Company handled over 1.2m tonnes of cargo in 2014, an increase of 17% on 2013. The port outperformed the Irish port sector in terms of year on year growth for third year running.

The stricken Solent ship, Hoegh Osaka, a vehicle-carrier went to A&P Falmouth for repairs following discharge of vehicles in Southampton after her deliberate grounding on a sandbank last month.

Lysblink Seaways a cargsoship has run aground in Scotland, while en route from Belfast to Norway. The incident took place near Ardnamurchan Point in the West Highlands.

The IMDO released Q3 figures for 2014 that show container shipping volumes, Lo/Lo rose by 9% in Q3. Ro/Ro experienced a 6% growth and Break-Bulk grew by 16%. This is in contrast however to total traffic volumes by Irish ports which fell by 3% overall in Q3, when compared to the same period last year.

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17th October 2014

IMDO Launch Report on Irish Tonnage Tax Opportunities for International Shipping Industry

#IrishTonnageTax - The Irish Maritime Development Office (IMDO) has released a report Irish Tonnage Tax: Opportunities for the International Shipping Industry.

The Irish tonnage tax regime has been established for over 10 years and offers one of the most competitive on-shore corporate tax rates to international shipping companies.

The tonnage tax report was produced by independent experts PwC and details the benefits of locating a maritime operation in Ireland. The report provides an update on Ireland's extensive double tax treaty network.

Ireland's role is highlighted in its expertise in asset leasing and for having a well developed structured finance regime which can be directly applied to international maritime financing.

The Irish tonnage tax is derived from a 'notional' profit calculated based on the tonnage of a vessel, which is then subject to the Irish corporate tax rate of 12.5%.

The IMDO is the Irish government agency which provides support and advice to Maritime companies setting up operations in Ireland. In his forward to the report, IMDO Director Liam Lacey says 'this publication provides independent validation of Ireland's status as a world class location in which to conduct business and more particularly, sets Ireland apart as a hub for maritime commerce'.

As a country, Ireland continues to maintain its reputation as a pro-business environment that has attracted investment from some of the world's largest companies over the past three decades.

In Forbes' 2014 annual ranking of the Best Countries for Business, Ireland was named number one country in the world for business.

More recently, figures released by the Irish Central Statistics Office (CSO) show that the national economy grew by more than seven times the EU average between April and June 2014. This is the strongest growth rate recorded in Ireland since the early 2000's, showing a strong and stable recovery.

Continuing in this vein, the Irish Economic and Social Research Institute (ERSI) predict that Ireland's GNP is to grow by approximately 5% in 2014 and 5.3% in 2015.

Irish Tonnage Tax: Opportunities for the International Shipping Industry is available to download by clicking HERE

For more information on the report and locating a maritime operation in Ireland, contact Rebecca Wardell by calling +353 (0)1 476 6518 / +353 (0)87 798 0089 or email: [email protected]

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13th May 2011

Dublin-Based d’Amico Group Introduce New Dry-Bulker Tonnage

The d'Amico Group, an international shipping company based in Dublin has acquired two handy-size dry-bulk newbuilds from a shipyard in South Korea this week, writes Jehan Ashmore.

Cielo di Dublino (photo) and her newer sister Cielo di San Francisco which was 'christened' on Tuesday by Mrs. Sandra Murphy, wife of Mr. Glenn Murphy, Director, Irish Maritime Development Office (IMDO). Together the vessels cost around US $60 million.

The new vessels were built at the Hyundai Mipo Dockyard (HMD) in Ulsan. The facility is one of the largest shipbuilding facilities in the world and since 1996 HMD has built around 500 ships and of a diverse variety. To see a cyber yard tour click this link.

Speaking at the ceremony Mr. Murphy commented: "d'Amico Group are one of a leading number of firms that are driving investment in this sector in Ireland which is contributing to new employment and growth opportunities".

Entry of the new dry-bulkers marks another important chapter in the d'Amico Group's development since it established its Irish office in 2002, as the vessels are managed from its Dublin office under the Irish Tonnage Tax (ITT) regime.

Four more newbuilds are under construction in Korea, scheduled for delivery in 2012, and two under construction in Japan which are due in 2013. The latter ships represent a further investment in excess of US $310 million to the Italian company that began and grew as a family business in 1936.

To read more about this logon to the IMDO website and also www.damicoship.com

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6th May 2011

Employment Rise of 10% in Irish International Shipping Service Sector

There was a 10% growth in employment in the International Shipping Services sector in Ireland last year according to the Irish Maritime Development Office (IMDO).

In a recent analysis of the sector the information is based from companies that have elected to join the dedicated Irish Tonnage Tax (ITT) scheme, a measure introduced in the 2002 Finance Act.

The act is designed to assist in securing the future of the Irish shipping sector in which five new companies in 2010 entered the scheme, generating an increase of 44% in the number of vessels (from 154 to 177) covered by the Tonnage Tax. Half of these vessels range less than five years old with the total average age at eight years.

In addition the initiative has directly created 314 jobs in 2009 to nearly 350 jobs last year. Most of the employment is in specialised areas such finance,technical management, operations and chartering.

Commenting on the data, IMDO Director Glenn Murphy said "The results are a positive indication that after long periods of decline for the industry that policy support measures have encouraged investment which has led to growth and new employment. We are optimistic that direct employment
in the high value professional shipping services sector could double over the next five years leading to further investment and job creation opportunities"

The majority of Irish-based ship-owning firms operating within the ITT scheme are not entirely reliant on the Irish economy for their daily core revenue streams but are instead employed in the international shipping markets.

In 2010 the global shipping business had total charter trading transactions estimated at $450 billion dollars. It was a year in which the shipping markets continued to be quite volatile with most sectors still recovering from large charter earnings declines over the previous 12 months. Overall Irish firms were quite resilient in their ability to compete last year.

The growth in this sector in Ireland has been driven by established Irish-owned companies Arklow Shipping Ltd (ASL) and the Mainport Group and inward investment has come from D'Amico and Ardmore Shipping. The chemical and products tanker fleet operator located its headquarters to Cork last year and the company is backed by a large US private equity firm.

To read more from the report, you can request a copy by contacting the IMDO by e-mailing [email protected]

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About The Middle Sea Race

The Rolex Middle Sea Race is a highly rated offshore classic, often mentioned in the same breath as the Rolex Fastnet, The Rolex Sydney–Hobart and Newport-Bermuda as a 'must do' race. The Royal Malta Yacht Club and the Royal Ocean Racing Club co-founded the race in 1968 and 2007 was the 28th Edition. Save for a break between 1984 and 1995 the event has been run annually attracting 25–30 yachts. In recent years, the number of entries has rissen sharply to 68 boats thanks to a new Organising Committee who managed to bring Rolex on board as title sponsor for the Middle Sea Race.

The race is a true challenge to skippers and crews who have to be at their very best to cope with the often changeable and demanding conditions. Equally, the race is blessed with unsurpassed scenery with its course, taking competitors close to a number of islands, which form marks of the course. Ted Turner described the MSR as "the most beautiful race course in the world".

Apart from Turner, famous competitors have included Eric Tabarly, Cino Ricci, Herbert von Karajan, Jim Dolan, Sir Chay Blyth and Sir Francis Chichester (fresh from his round the world adventure). High profile boats from the world's top designers take part, most in pursuit of line honours and the record – competing yachts include the extreme Open 60s, Riviera di Rimini and Shining; the maxis, Mistress Quickly, Zephyrus IV and Sagamore; and the pocket rockets such as the 41-foot J-125 Strait Dealer and the DK46, Fidessa Fastwave.

In 2006, Mike Sanderson and Seb Josse on board ABN Amro, winner of the Volvo Ocean Race, the super Maxis; Alfa Romeo and Maximus and the 2006 Rolex Middle Sea Race overall winner, Hasso Platner on board his MaxZ86, Morning Glory.

George David on board Rambler (ex-Alfa Romeo) managed a new course record in 2007 and in 2008, Thierry Bouchard on Spirit of Ad Hoc won the Rolex Middle Sea Race on board a Beneteau 40.7

The largest number of entries was 78 established in 2008.

Middle Sea Race History

IN THE BEGINNING

The Middle Sea Race was conceived as the result of sporting rivalry between great friends, Paul and John Ripard and an Englishman residing in Malta called Jimmy White, all members of the Royal Malta Yacht Club. In the early fifties, it was mainly British servicemen stationed in Malta who competitively raced. Even the boats had a military connection, since they were old German training boats captured by the British during the war. At the time, the RMYC only had a few Maltese members, amongst who were Paul and John Ripard.

So it was in the early sixties that Paul and Jimmy, together with a mutual friend, Alan Green (later to become the Race Director of the Royal Ocean Racing Club), set out to map a course designed to offer an exciting race in different conditions to those prevailing in Maltese coastal waters. They also decided the course would be slightly longer than the RORC's longest race, the Fastnet. The resulting course is the same as used today.

Ted Turner, CEO of Turner Communications (CNN) has written that the Middle Sea Race "must be the most beautiful race course in the world. What other event has an active volcano as a mark of the course?"

In all of its editions since it was first run in 1968 – won by Paul Ripard's brother John, the Rolex Middle Sea Race has attracted many prestigious names in yachting. Some of these have gone on to greater things in life and have actually left their imprint on the world at large. Amongst these one finds the late Raul Gardini who won line honours in 1979 on Rumegal, and who spearheaded the 1992 Italian Challenge for the America's Cup with Moro di Venezia.

Another former line honours winner (1971) who has passed away since was Frenchman Eric Tabarly winner of round the world and transatlantic races on Penduik. Before his death, he was in Malta again for the novel Around Europe Open UAP Race involving monohulls, catamarans and trimarans. The guest list for the Middle Sea Race has included VIP's of the likes of Sir Francis Chichester, who in 1966 was the first man to sail around the world single-handedly, making only one stop.

The list of top yachting names includes many Italians. It is, after all a premier race around their largest island. These include Navy Admiral Tino Straulino, Olympic gold medallist in the star class and Cino Ricci, well known yachting TV commentator. And it is also an Italian who in 1999 finally beat the course record set by Mistress Quickly in 1978. Top racing skipper Andrea Scarabelli beat it so resoundingly, he knocked off over six hours from the time that had stood unbeaten for 20 years.

World famous round the world race winners with a Middle Sea Race connection include yachting journalist Sir Robin Knox-Johnston and Les Williams, both from the UK.

The Maxi Class has long had a long and loving relationship with the Middle Sea Race. Right from the early days personalities such as Germany's Herbert Von Karajan, famous orchestra conductor and artistic director of the Berliner Philarmoniker, competing with his maxi Helisara IV. Later came Marvin Greene Jr, CEO of Reeves Communications Corporation and owner of the well known Nirvana (line honours in 1982) and Jim Dolan, CEO of Cablevision, whose Sagamore was back in 1999 to try and emulate the line honours she won in 1997.

THE COURSE RECORD

The course record was held by the San Francisco based, Robert McNeil on board his Maxi Turbo Sled Zephyrus IV when in 2000, he smashed the Course record which now stands at 64 hrs 49 mins 57 secs. Zephyrus IV is a Rechiel-Pugh design. In recent years, various maxis such as Alfa Romeo, Nokia, Maximus and Morning Glory have all tried to break this course record, but the wind Gods have never played along. Even the VOR winner, ABN AMro tried, but all failed in 2006.

However, George David came along on board Rambler in 2007 and demolished the course record established by Zephyrus IV in 2000. This now stands at 1 day, 23 hours, 55 minutes and 3 seconds.

At A Glance - Middle Sea Race 2024

First held: 1968

Organising Authority: Royal Malta Yacht Club

Start

The 45th Rolex Middle Sea Race will start on Saturday, 19 October 2024.

Grand Harbour, Valletta: seven separate starts, at 10-minute intervals, from 11:00 CEST Saturday, 21 October 2024

Start Line: between the Saluting Battery, Upper Barrakka Gardens (Valletta) and Fort St Angelo (Birgu)

Various vantage points all around the Grand Harbour, high up on the bastions or at water level. Harbour access for spectator boats is restricted during the period of the start.

Course

Set in the heart of the Mediterranean and is considered one of the most beautiful in the world. It starts and finishes in Malta, passes two active volcanoes and takes in the deep azure waters surrounding Sicily, and the Aeolian and Egadi Islands, as well as lonelier outposts of Pantelleria and Lampedusa, both closer to the African continent than Europe.

Length: 606 nautical miles (1,122km)

Outright Race Record: 33h 29m 28s, Argo, United States, Jason Carroll

Monohull Race Record: 40h 17m 50s, Comanche, Cayman Is, Mitch Booth